1. Borrowing is not a function of all contracts. That depends on whether you have it in your terms. For example, China Life Hongtai's old-age security (dividend-sharing) has no borrowing function. If there is a loan clause in the terms, it means that it can be borrowed.
2. The maximum amount of the loan. It depends on how many years you bought it, mainly according to the new insurance law, that is, before 2009 10. The maximum loan amount is 70% of the cash value, followed by 80% of the cash value.
3. The interest rate of the loan. Every company is different. Before 20 1 1, China Life was 5.56%, and after 20 1 1, it was 6.56%. This is floating, mainly because the company is formulated under the premise of legal compliance.
4. Borrowing time. China Life's longest loan period is 6 months. This does not mean that it can only be borrowed for six months, but only once every six months. The trial calculation of your loan is also based on this time. If you can't repay after 6 months, you can continue to accumulate loans without any formalities. Cumulative square test: loan interest for 6 months of loan principal = refinancing principal. Then calculate the loan interest with the new loan principal until the cash value is not enough to pay the loan. Emphasize that the loan interest rate will be settled on the repayment date. If your insurance contract expires, the loan interest will still be calculated, so it is the responsibility and obligation of the insured to repay the loan as soon as possible.
Second, can life insurance be loaned? What are the requirements for applying for a loan?
As long as the insurance has cash value, you can go to the insurance company to make a policy loan, which is very convenient, as long as you return it within half a year and pay some interest. Now many people are interested in this function of insurance.
I am insured by China Life Insurance. I heard that you can use a policy loan. I don't know what to do with it.
China Bank's life insurance policy refers to a personal business in which the borrower takes the unexpired life insurance policy as pledge, obtains a certain amount of RMB loan from the bank, and repays the loan principal and interest on schedule. 1. Loan object: Any natural person, policyholder, insured or insured authorized by group policyholder with full capacity for civil conduct who holds a life insurance policy with cash value issued by an insurance company designated by Bank of China can apply for a life insurance policy. Second, the borrower's conditions: the borrower who applies for a life insurance policy must meet the following conditions: 1, a natural person with full civil capacity; 2. Holding valid identity documents of the applicant and the insured; 3. Holding a life insurance policy with cash value as pledge; 4. Pledged life insurance policies should be personal policies. If the borrower is the applicant, it must provide written proof that the insured and the beneficiary (if the insured and the beneficiary have no capacity for civil conduct, this article shall be implemented by their guardians) sign and agree to pledge the life insurance policy; If the borrower is the insured, it must provide written proof that the insured and the beneficiary (if the beneficiary has no capacity for civil conduct, this article shall be executed by his guardian) sign and agree to pledge; If the life insurance policy pledged by the borrower is a group policy (single policy), it must have a written authorization certificate from the insured unit and be confirmed by the insured insurance company; 5. Other conditions stipulated by the lender. The above contents are for your reference. Please refer to the actual business regulations. If you have any questions, please contact online customer service of Bank of China. You are cordially invited to download and use China Bank Mobile Banking APP or China Bank Cross-border GOAPP to handle related business.